Bengaluru: Manthan Software plans to acquire RichRelevance, a personalisation software provider for the retail sector, for an undisclosed amount.
The Bengaluru-headquartered company which specialises in software applications for the retail industry and counts United Supermarkets, Pizza Hut, Helzberg Diamonds, Love’s, Alshaya, and Future Group as its clients.
RichRelevance, the San Francisco-based retail focused technology firm, raised $150 million so far and Manthan is offering a premium on the firm’s current valuation, sources said.
According to sources, this would help Manthan get access to 200 customers and get a “strong exposure” in retail technology solutions market. The acquisition would also increase Manthan’s headcount to 600 from 500 currently.
Manthan is exploring many cross-selling opportunities through this acquisition.
Manthan announced on Tuesday that the company, jointly with RichRelevance, “have initiated a go-to-market now, and have set the path towards consolidating their category-leading businesses in the coming year, in compliance with applicable regulations”.
“RichRelevance and Manthan together will deliver an end-to-end Algorithmic Customer Experience marketing solution that includes business to consumer Customer Data Platform, Retail Marketing and Merchandising solution, and Real-time Personalization with advanced data science,” said Manthan in a press release.
Manthan said the comprehensive joint solution would enable retailers and brands to algorithmically discover new segments and target their most profitable customers, automatically test for and seamlessly deliver the most relevant content and offers across all touchpoints using emerging technology.
“It creates a new paradigm in algorithmic consumer experience,” said Atul Jalan, chief executive officer, Manthan, adding that “you now have a partnership that is deeply vested in your success and brings a joint solution and expertise to the market to help you grow digital revenues through personalization”.